EagleBank, one of the largest community banks in the Washington, D.C. area, provided $50.4 million in acquisition and renovation financing to Insight Property Group and AHC for a 259-unit “affordable rent” multifamily property, Haven Reston, formerly known as Colvin Woods Apartments, located in Reston, VA.
Built in 1979-1980 as a garden style complex, the property is located on a 21+ acre parcel and includes seven three-story garden-style apartment buildings, a management/leasing building and common amenity spaces. 158 units were renovated in 2010, and six units were recently renovated in 2021-2022. Every unit at the property includes private outdoor space, either a balcony or ground-floor terrace and there is ample resident parking with 470 surface parking spaces. Amenities include a clubhouse, playground, outdoor pool/lounge area, fitness center, tennis courts and a dog park.
“There is a great need for more affordable housing in our community, and EagleBank is committed to expanding access to it,” Ryan Riel, executive vice president and chief real estate lending officer at EagleBank, said. “A key focus of our strategy is promoting affordable housing — the foundation for thriving communities — as we fulfill our mission to make life better for the people and communities we serve.”
The transaction was facilitated by members of EagleBank’s experienced commercial real estate team, senior vice president and relationship manager Tim Annett and Assistant vice president and portfolio manager Sean Krysick.
“Insight Property Group, in partnership with AHC, is excited to preserve affordability at Haven Reston and expand that opportunity to the entire community over the next several years,” Trent Smith, managing principal at Insight, said. “EagleBank has been instrumental in our ability to stay true to our company’s roots in the pursuit of attainable housing.”
